Am I able to buy multiple HUD Homes?

Question

Could someone elaborate a little on buying HUD homes? I know it sounds really basic but I don't deal with HUD often. I am closing on my own personal home I'll be living in as an owner occupant. It was a HUD home. But I found a house for sale that interests me as an investment. It too is a HUD home. Am I able to purchase this second HUD building? I am paying for cash for my personal home and would pay for cash on the investment if that matters at all. What are the rules regarding this? Thank you!

Raimonds Lauzums · Answer

Thanks for the advice. This second house I am looking at is beyond the owner occupant period, it is very distressed.

Greg H. · Answer

You can only buy 1 HUD property as an owner occupant(you have to intend to occupy for at least 12 months) every 24 months.  However there are no restrictions as to the number of properties you can buy as an investor.

Jake Thomas · Answer

For every HUD listing the first 14 or 15 days is the owner occupant period where you would have to make it your primary residence if you won. This is to keep investors at bay and give retail buyers a chance. After the 14 or 15 days it is open for investors to bid on. It appears you just bought a primary from HUD so you would have to wait either till the investor period for that property or 12 months from occupying the house you just bought before buying another primary residence from HUD. You can only buy a new primary every 12 months with HUD properties.